UAE, Italy discuss improving bilateral trade finance support

By Ashika Rajan, Trainee Reporter
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Etihad Credit Insurance (ECI), the UAE International Investor Council (UAEIIC), Dubai Exports, the Italian Trade Agency (ITA), and Confindustria, Italy’s largest industrial confederation, have discussed cooperation in several areas, including increasing exports, Foreign Direct Investment (FDI), and trade finance support between the UAE and Italy.

The high-level discussion is in line with Italy’s goal of promoting “Made in Italy” goods around the world and attracting FDI to the European country, as well as the recently launched “Make it in the Emirates” initiative, which encourages local and international investors to develop, manufacture, and export their products from the UAE.

The meeting’s main goal was to come up with collaborative plans to increase trade and investment opportunities between the two countries. It also strengthens the UAE and Italy’s long-standing relationship by exchanging information and economic expertise in promoting business opportunities and assisting local investors in establishing or expanding operations in the post-COVID phase.

The meeting also discussed the most recent developments in the current partnerships between the two countries’ state export credit agencies. ECI and SACE SIMEST signed a Memorandum of Understanding (MoU) in October 2018 at the Italian Ministry of Economic Development (MISE) in Rome, followed by a reinsurance agreement in April 2019 in Dubai to assist Italian companies operating in the UAE.

As a result of this agreement, Italian companies and their active subsidiaries in the UAE were able to protect their business, reduce risks, and strengthen the management of financial flows.

Mr. Saed Al Awadi, CEO Dubai Exports & Chairman of the Executive Committee of ECI remarked that “the UAE and Italy have always had strong trade relations over the years, and this strategic meeting reflects the keenness of both nations to enhance the competitive advantage of our respective business sectors in the international markets.”

Mr. Massimo Falcioni, CEO of ECI added that “the outlook for bilateral trade looks bright between these two countries. In 2020, Italy was the main European trade partner of the UAE, with $10.1 billion of trade value. The UAE has been keen to continuously enhance its existing trade relations with Italy by building partnerships focused on innovation and small and medium enterprises, thereby boosting the contribution of these sectors to the country’s Gross Domestic Product (GDP).”

Related: Blockchain-based ‘UAE Trade Connect’ goes live to tackle financial frauds


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